E-Financial
Path Solutions Emerges First Place in Four Categories of ACQ5 Global Awards
Path Solutions, a global provider of Sharia-compliant banking software solutions and services, has won four categories in the 2019 ACQ5 Global Awards.
Building on last year’s three-win, the company topped the Core Banking, Digital Banking, Sharia-compliant Microfinance, and GameChanger of the Year – Islamic Finance categories in this year’s rankings.
For the sixth year, Path Solutions has maintained its top spot in the Core Banking System Provider for Islamic Finance category. This recognition reflects the company’s ability in helping financial institutions to ensure compliance with the appropriate Sharia rulings. Path Solutions’ wide range of Sharia-compliant software solutions and services meet Islamic banks’ unique business needs.
The readers of ACQ5 ranked Path Solutions first in the Digital Banking Platform Provider for Islamic Finance category on the flexibility and agility of its new-age iMAL Islamic digital suite. The multi-award winning digital banking platform allows financial institutions get closer to their customer base.
Combined with modern architectural approaches, iMAL allows banks to tailor interest-free products and services with a consistent and seamless experience across all channels, with a strong executable workflow and orchestration capabilities, all this while supporting constant change and reducing risk.
The iSHRAQ Microfinance solution earned Path Solutions first place in the Sharia-compliant Microfinance Solution of the Year category for the fifth year running. Islamic microfinance organizations and cooperatives use iSHRAQ*Microfinance solution to manage term deposits, create and manage loans and automated loan repayments, enabling detailed reporting to ensure thorough audit trails.
Islamic microfinance institutions also rely on iSHRAQ*Microfinance for a complete general ledger accounting trial balance, income statement, balance sheet, journal transaction or any other transaction, and meet Sharia compliance requirements.
On the other hand, Mohammed Kateeb, Path Solutions’ Group Chairman & CEO was selected GameChanger of the Year – Islamic Financial Technology for the second time in the ACQ5 Global Awards 2019.
Kateeb is a veteran and dynamic experienced IT professional with a diversified and prolonged career, and an outstanding leader committed to driving stronger growth for Path Solutions as the industry’s leading global provider of an unrivalled range of highly innovative Sharia-compliant software solutions and services.
Commenting on the four wins, Kateeb said, “This is a great honour for us. This continued recognition is testament to our results-based approach in driving the industry forward. We’re very grateful to our clients and ACQ5 readers for their continued trust and support; to our teams, who are always striving to perform and deliver world-class solutions, I owe them this fantastic recognition. Thank you!”
These four wins add to the growing list of industry awards earned by Path Solutions over the years.
ACQ5 Global Awards celebrate achievement, innovation and brilliance in their annual program, taking the ultimate step in the search for the most outstanding companies and professionals across the globe.
The financial industry’s favourite awards had another record-breaking number of votes this year, with the total number of nominations received standing at an amazing 97,416 out of 215,000.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
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